Understanding the Systemic Implications of Climate Transition Risk: Applying a Framework Using Canadian Financial System Data Staff Discussion Paper 2023-32 Gabriel Bruneau, Javier Ojea Ferreiro, Andrew Plummer, Marie-Christine Tremblay, Aidan Witts Our study aims to gain insight on financial stability and climate transition risk. We develop a methodological framework that captures the direct effects of a stressful climate transition shock as well as the indirect—or systemic—implications of these direct effects. We apply this framework using data from the Canadian financial system. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Climate change, Economic models, Financial institutions, Financial markets, Financial stability JEL Code(s): C, C6, C63, G, G0, G01, G1, G10, G2, G20, Q, Q5, Q54
Relative Price Movements and Labour Productivity in Canada: A VAR Analysis Staff Discussion Paper 2010-5 Michael Dolega, David Dupuis, Lise Pichette In recent years, the Canadian economy has been affected by strong movements in relative prices brought about by the surging costs of energy and non-energy commodities, with significant implications for the terms of trade, the exchange rate, and the allocation of resources across Canadian sectors and regions. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Labour markets, Productivity, Recent economic and financial developments JEL Code(s): E, E2, E23, E24, O, O4, O47
November 8, 2011 Global Liquidity Remarks Mark Carney Canada-United Kingdom Chamber of Commerce London, United Kingdom Governor Mark Carney discusses how global liquidity cycles affect financial stability and economic growth, and what policy can do about it. Content Type(s): Press, Speeches and appearances, Remarks
July 13, 2016 Monetary Policy Report – July 2016 Canadian economic growth is projected to accelerate from 1.3 per cent this year to 2.2 per cent in 2017. Content Type(s): Publications, Monetary Policy Report
Explaining and Forecasting Inflation in Emerging Markets: The Case of Mexico Staff Working Paper 2003-17 Jeannine Bailliu, Daniel Garcés, Mark Kruger, Miguel Messmacher The authors apply existing inflation models that have worked well in industrialized countries to Mexico, an emerging market that has recently moved to adopt an inflation-targeting framework for monetary policy. They compare the performance of these models with a mark-up model that has been used extensively to analyze inflation in Mexico. Content Type(s): Staff research, Staff working papers Research Topic(s): Inflation and prices, International topics JEL Code(s): E, E3, E31, E37
Revisiting the Monetary Sovereignty Rationale for CBDCs Staff Discussion Paper 2021-17 Skylar Brooks One argument for central bank digital currencies (CBDCs) is that without them, private and foreign digital monies could displace domestic currencies, threatening the central bank’s monetary policy and lender of last resort capabilities. I revisit this monetary sovereignty rationale and offer a wider view—one that considers a broader set of currency functions and captures important cross-country variation. Content Type(s): Staff research, Staff discussion papers Research Topic(s): Debt management, Digital currencies and fintech, Exchange rate regimes, Financial stability, Monetary policy JEL Code(s): E, E4, E41, E42, E5, E52, E58, H, H1, H12, H6, H63
October 19, 2016 Monetary Policy Report – October 2016 Growth in the Canadian economy is expected to increase from 1.1 per cent this year to about 2.0 per cent in 2017 and 2018. Content Type(s): Publications, Monetary Policy Report
Measuring Systemic Importance of Financial Institutions: An Extreme Value Theory Approach Staff Working Paper 2011-19 Toni Gravelle, Fuchun Li In this paper, we define a financial institution’s contribution to financial systemic risk as the increase in financial systemic risk conditional on the crash of the financial institution. The higher the contribution is, the more systemically important is the institution for the system. Content Type(s): Staff research, Staff working papers Research Topic(s): Econometric and statistical methods, Financial institutions, Financial stability, Financial system regulation and policies JEL Code(s): C, C1, C14, C5, C58, G, G2, G21, G3, G32
Estimating Large-Dimensional Connectedness Tables: The Great Moderation Through the Lens of Sectoral Spillovers Staff Working Paper 2021-37 Felix Brunner, Ruben Hipp Understanding the size of sectoral links is crucial to predicting the impact of a crisis on the whole economy. We show that statistical learning techniques substantially outperform traditional estimation techniques when measuring large networks of these links. Content Type(s): Staff research, Staff working papers Research Topic(s): Business fluctuations and cycles, Econometric and statistical methods JEL Code(s): C, C2, C22, C5, C52, E, E2, E23, E27
March 26, 2002 The Conduct of Monetary Policy in the Presence of Economic Shocks Remarks David Dodge National Association for Business Economics Washington, D.C. Globalization - the trend towards greater economic integration around the world - has brought important benefits to us all. It has boosted world trade, opened up access to sources of global finance, and facilitated the diffusion of far-reaching technological advances in transportation, communications, and information processing. Content Type(s): Press, Speeches and appearances, Remarks